Granite Ridge Resources (NYSE:GRNT) Director Buys $50,350.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller bought 10,600 shares of the stock in a transaction on Tuesday, June 9th. The stock was purchased at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Matthew Reade Miller also recently made the following trade(s):

• On Wednesday, May 13th, Matthew Reade Miller bought 18,180 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $5.21 per share, for a total transaction of $94,717.80.
• On Friday, March 13th, Matthew Reade Miller bought 658 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $5.15 per share, for a total transaction of $3,388.70.

Granite Ridge Resources Stock Performance

GRNT stock traded down $0.07 during midday trading on Tuesday, reaching $4.79. 810,442 shares of the company’s stock traded hands, compared to its average volume of 868,321. The company has a 50-day moving average price of $5.45 and a two-hundred day moving average price of $5.14. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.72. The firm has a market capitalization of $631.12 million, a PE ratio of -19.10 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The company had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. As a group, equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s payout ratio is presently -176.00%.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Horizon Corp purchased a new position in Granite Ridge Resources during the fourth quarter worth about $35,000. Osaic Holdings Inc. grew its position in Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after acquiring an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC purchased a new position in Granite Ridge Resources in the fourth quarter worth $52,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on GRNT. Zacks Research lowered Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, May 25th. Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Finally, Stephens decreased their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $11.00.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.